Volvo 2001 Annual Report Download - page 93

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89
Amounts in SEK M unless otherwise specified. The
amounts within parentheses refer to the two preceding
years; the first figure is for 2000 and the second for 1999.
The accounting principles applied by Volvo are
described in Note 1 on pages 57–60. Reporting of Group
contributions is in accordance with the pronouncement of
the Swedish Financial Accounting Standards Council
issued in 1998. Group contributions are reported among
Income from investments in Group companies. Surplus
funds in Alecta are accounted for in accordance with a
statement issued by a special committee of the Swedish
Financial Accounting Standards Council.
As of January 1, 2001, the Parent Company is applying
the new accounting standard, RR9 Income Taxes, issued
by the Swedish Financial Accounting Standards Council.
Restatement of the two preceding years has increased
net income by 2 for year 2000 and 10 for 1999.
Intra-Group transactions
Of the Parent Company’s sales, 353 (253; 258) were to
Group companies and purchases from Group companies
amounted to 188 (249; 266).
Employees
The number of employees at year-end was 122 (122;
124). Wages, salaries and social costs amounted to
207 (187; 183). Information on the average number of
employees as well as wages, salaries and other remu-
neration is shown in Note 30 on pages 74–76.
Fees to auditors
Fees and other remuneration paid to external auditors
for the fiscal year 2001 totaled 51 (42; 15), of which
3 (4; 5) for auditing, distributed between
PricewaterhouseCoopers, 3 (4; 5) and others, 0 (0; 0),
and 48 (38; 10) related to non-audit services from
PricewaterhouseCoopers.
Of the income reported, 24,814 (589; 996) pertained to
dividends from Group companies, whereof 20,649 from
Sotrof AB. Group contributions totaled a net of –3,450
(received 928;1,416). Write-downs of shareholdings
amounted to 12,217 (372; 910). Gain on sale of shares
totaled a net amount of 452, of which 289 pertained to
group-internal transfers. Gains on group internal transfers
were attributable to the sale of shares in Volvo
Lastvagnar AB to Volvo Global Trucks AB, 258 and the
sale of shares in Fortos Ventures AB, 32 to Försäkrings-
aktiebolaget Volvia. Herkules VmbH, a subsidiary and the
holder of shares in Mitsubishi Motors Company, was sold
Dividends from associated companies that are reported
in the Group accounts in accordance with the equity
method amounted to 42 (49; 42). The participation in
Blue Chip Jet HB amounted to a loss of 20 (28; 53).
Income in 2000 included a net loss of 187 pertaining to
Of the income reported, 663 (662; 194) pertained to divi-
dends from other companies. The dividend from Scania
AB was 637 (637; 180) and from Henlys Group Plc 26
Administrative expenses include depreciation of 17 (17; 19) of which 3 (4; 5) pertained to machinery and equipment,
1 (0; 1) to buildings and 13 (13; 13) to rights in the Volvo Ocean Race.
Other operating income and expenses include surplus funds of 3 (89; 0) from Alecta as well as profit-sharing payments to
employees in the amount of 0 (0; 1).
Note 5 Income from other shares and participations
Notes to financial statements
sale of shares. This was attributable to capital loss from
sale of shares in AB Volvofinans 224, a gain from sale of
shares and put options in Bilia 31 and a gain from sale
of shares in Blue Chip Jet HB 6.
to DaimlerChrysler, thus resulting in a capital gain of 172
in AB Volvo.
Income in 2000 included an additional capital gain of
382, pertaining to the sale of shares in Volvo
Personvagnar Holding AB to Ford Motor Company in
1999 and a gain of 30 for the sale of shares in Eddo
Restauranger AB to Amica AB.
Income in 1999 included a gain on sales of shares of
17,784 in Volvo Personvagnar Holding AB. Group-inter-
nal transfers resulted in a net loss of 558, which primarily
was attributable to capital loss on the sale of shares in
Försäkringsaktiebolaget Volvia 596, and a gain on the
sale of Volvo Penta Italia SpA, 35.
Note 3 Income from investments in Group companies
Note 1 Administrative expenses
Note 2 Other operating income and expenses
Note 4 Income from investments in associated companies
(23; 13). Transfer of shares together with rights and obli-
gations relating to Mitsubishi Motors Corporation to a sub-
sidiary, Herkules VmbH, resulted in a capital gain of 595.